Managed accounts FUM up by 24.6%

Funds under management (FUM) in managed accounts increased by nearly a quarter inside just 12 months, according to the latest data from the Institute of Managed Accounts Professionals (IMAP) and Milliman.

The latest Managed Accounts FUM Census for 30 June balance date, found that funds in managed accounts increased to $256.24 billion, with reported net inflows of $16.79 billion, represented a 24.6% annual increase or $50.66 billion.

The strong inflows into managed accounts reflected the continuing strength of investment markets despite geopolitical uncertainty.

IMAP chair, Toby Potter said the results represented a strong signal that advisers are finding more clients whose investment goals and service needs suit the appropriate use of managed accounts.

“The managed account market is now in the maturity phase,” he said.

“Looking at the types of managed accounts, separately managed accounts (SMA’s) market share increased slightly with 66%, managed discretionary accounts (MDAs) steady at 23.5% of managed account FUM,” he said.

Milliman Practice Leader, Australia, Victor Huang emphasised that investment markets had continued to show strong growth through the first half of the year, with a 6.4% increase in the value of the ASX/S&P Accumulation Index, giving an increased annual growth rate of 13.3% for the year to 30 June.

“This first half of 2025 saw markets perform well, despite volatility introduced by the tariff trade wars related to USA, and continued conflicts in Ukraine, and the Middle East,” he said. “Positives have been the invigoration of Europe, UK, Australasian, and Canada trade links, stronger commodities and AI technology growth being key themes.”

Potter said the FUM Census collected data from 49 large and smaller organisations.